FlySafair Sale to Harith Awaits Regulatory Approval
South Africa’s leading low-cost carrier FlySafair has agreed to be sold to Black-empowerment investment firm Harith General Partners and its affiliates, in a transaction that could reshape the country’s aviation ownership landscape. The sale and purchase agreement, which remains subject to regulatory approvals including clearance from South Africa’s Competition Commission, will see Harith acquire full ownership of the airline.
The value of the deal has not been disclosed. Harith is 30% owned by the Public Investment Corporation (PIC), the state-owned asset manager that oversees public-sector funds such as the Government Employees Pension Fund (GEPF). As a result, the transaction would effectively introduce partial state-linked ownership into FlySafair’s shareholder structure.
Harith co-founder and chairman Tshepo Mahloele said the acquisition will be executed through subsidiary Harith Aviation and is expected to close by the fourth quarter of 2026. The investment is projected to account for around 15% of Harith’s total portfolio and will be financed through a mix of equity and debt.
FlySafair Chief Commercial Officer Kirby Gordon emphasized operational continuity, stating the airline will be acquired as a going concern, with its strategy, brand, leadership team and day-to-day operations remaining unchanged.
The transaction follows regulatory scrutiny over FlySafair’s ownership structure. South African civil aviation rules require local airlines to be at least 75% South African-owned. However, the Air Services Licensing Council previously determined that Irish firm ASL Aviation Holdings effectively controlled 74.86% of FlySafair through a trust arrangement. In October 2025, the Gauteng High Court in Pretoria granted FlySafair an urgent interdict, suspending a February 2026 deadline to correct its ownership structure pending judicial review.
Gordon noted that negotiations with Harith began before the regulator’s findings and described the deal as a constructive step toward resolving ownership concerns, subject to approval.
The proposed acquisition has also sparked debate about market concentration. Earlier reports suggested that, if approved, the deal could result in indirect state influence over a significant share of South Africa’s domestic aviation market, given FlySafair’s dominant market position and the state ownership of South African Airways.
ASL Aviation Holdings confirmed it has sold its interest in FlySafair to Harith and its affiliates, but declined to disclose financial details of the transaction.
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Sources: AirGuide Business airguide.info, bing.com, ch-aviation.com